Varo Bank Review 2024 : Find Out Why Varo Bank is Dominating the World of Online Banking!

Varo Bank Review: Varo bank is known for making big changes in the banking industry as a result of being an online financial institution alone. Varo Bank has no fees for banking at all in addition to high interest rates and large ATM networks to help tech-savvy clients achieve their goals. Unfortunately, like any other financial product, it has its pros and cons. In this article we shall look at some of Varo Bank’s characteristics so that you can make up your mind if such would suit your financial needs.Rel

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Introduction to Varo Bank

Varo Bank was established in 2015 and it is known for being the first digital-only bank in USA to obtain national banking license. What this implies is that Varo can give bank services to people directly rather than going through intermediaries. The bank makes online banking simple and straight forward, eliminating most of traditional banks’ physical branch fees.

FinancialDost Rating: 4.5/5

The Bottom Line:
In terms of electronic banking plus savings, Varo Bank has a good range of products with no specific monthly fees or lower limits on balances. Moreover, it happens to have an extensive network of ATMs that do not charge any fees which attract online climbers seeking bank account options. Nonetheless, its few limitations include absence of branches and cash deposits subjected to third-party retailers’ charges.

Best for:
Online-only bank fans who feel at ease with web banking, receive their salaries through direct deposit, and seldom require currency deposits are APY maximizers.

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Pros/Cons:

Advantages of Varo Bank are many. For one, it does not allow overdraft fees which and therefore, when a transaction would lead to a negative balance, it does not go through. This helps avoid additional charges on your account due to low balances. There are also no monthly service charges while you can earn as much as 5.00% on your savings when you meet certain requirements if your balance is below $5,000. Access to 55,000 plus fee free ATM’s and some accounts having no minimum deposit is available from Varo making it convenient and flexible.

On the downside however, some conditions must be met every month in order to get the best saving rate and this high interest rate is only applicable on the first $5 000 deposited into an account. Also there are fees incurred for adding cash into your account via third-party retailers as well as since Varo is an online-only bank with no physical branches for those who prefer face-to-face banking services.

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Varo bank Review

Savings:

• Varo Savings Account Rating: 5.0/5
• APY: 3.00% (up to 5.00% with conditions)
• Highlights: There are no monthly fees, an automatic savings program as well as a tiered APY with highly legitimate and competitive rates offered by Varo. On the downside, it restricts high rates of return to just $5,000 and external transfers exceeding such amount attract fees.

Checking:

Varo Bank Account Rating: 4.5/5
Monthly Fee: $0

Highlights: Varo’s checking account has a free Visa debit card, has no foreign transaction fees, and allows you to receive your direct deposit up to two days early. However, there may be charges for ATM usage that is not in Varo’s network and also for cash deposits made via third-party retailers.

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Customer experience

Rating: 4.5/5 : Varo Bank’s mobile application has indeed received numerous accolades, with customers awarding it a total satisfaction score of 4.9 stars out of 5 for the iOS version while its Android counterpart recorded an approximate 4.7 pinpoint rating in that same category.

Users can enjoy many features that this tool offers such as tracking money spent using either Varo’s account or any other one; getting notifications regarding transactions and locking debit cards in cases where they are lost or stolen.

As much as it does not have any real locations, the company has an awesome customer support that can be accessed all day on Monday to Friday from 7 am to 6 pm, and then Saturday and Sunday from 7 am to 3 pm in the Mountain Time zone..

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Overdraft Fees:

In contrast, Varo Bank does not impose any overdraft costs which is really an advantage. Unlike banks that allow transactions to be completed before charging their customers fees for insufficient funds, Varo declines transactions so that your account does not go negative. The Varo Advance is available if you occasionally need to borrow money with a maximum amount of $100 and flat fees for advances above $20. For this feature to work, you must have an active account for at least 30 days and there have been $1,000 or more qualifying direct deposits in the last month.

Comparison with Other Banks:

• SoFi Checking and Savings: Offers a 4.50% APY with a $300 bonus for direct deposits.
• CIT Bank Platinum Savings: Provides a 5.00% APY on balances over $5,000.

FinancialDost Methodology:

Taking into account various sections such as checking, savings, ‘certificates of deposit’, ‘user experience’ and ‘overdraft fees’, we have arrived at our weighted average scores for banks and credit unions.

Our ratings are determined by several parameters that include rate of interest, fees charged (maintenance or otherwise), accessibility to ATMs and branches of the bank itself; account features available like online banking or mobile apps; as well as the level of customer service in general.

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